UniCredit appoints new head of FX trading

LONDON - Nick Crawford has been appointed to head global foreign exchange trading at UniCredit, as the bank restructures after its recent spate of high-profile departures.

Crawford takes on the London-based role previously held by Dan O'Sullivan, who left earlier this year (FX Week, April 29). Sources at the bank said Crawford will relocate from New York, where he has been heading FX trading for North America at the European dealer. It is not yet known if he will continue with his US responsibilities.

Crawford has also been in charge of global FX options since O'Sullivan left. Those duties are now expected to pass to Peter Jerrom, according to market sources. Jerrom joined the bank last November in exotic options and has taken on more responsibility following the departure of Tim Taubman, who co-headed options with O'Sullivan (FX Week, January 19).

Meanwhile, two of Crawford's US staff are believed to have resigned from their New York-based posts last week, according to market sources. Keith Yanowitz specialised in trading Latin American currencies and had been with the bank for a little over a year, having previously been employed by Bank of America (FX Week, June 23, 2008). The other departure was from the spot-trading team.

UniCredit's reshuffle comes in the wake of three senior FX staff leaving the bank in the past three months. Kenan Altunis, global head of FX sales, left a fortnight ago and O'Sullivan's April departure was preceded by Ben Welsh resigning as co-head of fixed income, currencies and commodities (FX Week, April 13).

UniCredit declined to comment.